Society buys Sumitomo mortgages
Wednesday 01 July 1992
Stephen Bright, the society's finance director, described Sumitomo's portfolio of 1,600 mortgages as 'top quality'. He said Sumitomo had suffered only five or six repossessions and its average loan-to-value ratio was only 58 per cent.
Mark Collins, assistant general manager at the Japanese bank, said the mortgage portfolio had been reasonably profitable but Sumitomo saw little potential for growth in the mortgage market over the next few years. Sumitomo, which has had a branch in London since 1918, will now concentrate on its main business of lending to UK companies.
This latest purchase follows Birmingham Midshires' acquisition of the mortgage books of Target, the life insurer owned by TSB, and FS Assurance, the small Scottish life office acquired by Britannia Building Society. Mr Bright said his society, the 13th biggest, was interested in acquiring further quality assets.
Numerous companies that entered the mortgage market as centralised lenders in the mid- 1980s have put their now-dormant businesses up for sale, but many suffer from significant arrears and repossession problems.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
- 5 Narendra Modi: Indian Prime Minister wears suit with pinstripes that spell his name to meet Barack Obama
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Pornhub star Mia Khalifa receives death threats after being ranked the site's top adult actress
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
Leaked documents show Ukip leaders approve NHS privatisation once it becomes more 'acceptable to the electorate'
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...